Mar 31, 2015
1. ACCOUNTING POLICIES (AS-1)
(a) The Financial Statements are prepared under historical cost convention of accrual basis of accounting and coin ply with mandatory accounting standards and statements: issued by Institute of Chartered Accountants of India.
(b) Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.
[c) The presentation of Financial Statements in Conformity with Indi an GAAP requires judgments, estimates and liabilities assumption tu bv made that affect reportable amount of assets and liabilities, disclosure of contingent liabilities on the date of financial statements and the reportable amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the year in which the results are known/ materialized.
2. RE VEND E RECOG NIT 10 N (AS -9)
All the expenses and Income to the extent ascertainable with reasonable certainty considered payable and receivable respectively, except for the following items, are accounted for on mercantile basis.
(a) Gratuity Payment
(b) Disposal of Sundry items & Scrap etc
3- FIXED ASSETS (AS-ID] All the Fixed Assets are stated at their original cost including taxes, duties, freight and other incidental expenses related to the acquisition and installation.
4. DEPRECIATION (AS-A) Depreciation on Fixed Assets is provided to the extent of depreciation amount on the Written D own Value (WW) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule El to the Companies Act, 2013.
5. CONTINGENT LIABILTIES There arc no contingent liabilities
6. PRIOR PERIOD St EXTRA DIKARV ITEMS AND CHANGES IN AOHINT POLICIES (AS-51
There h no prior urinary Hems which needs to be disclosed in the profit and law account separately .and they is no change in any accounting policy which has 43 material effect on the financial statements and is expected to he disclosed in accordance with the Accounting standards fAS-5] relating to disclosure of Prior Period & Extra Ordinary Items and Change in Accounting Policies notified by the Central Government In exercise of the powers conferred by sub-section (2) of section MS of the Income Tax: Act, 1961,
7. KET1REMENT BENEFITS (AS- IS)
The provision of the Employees State Insurance Act, IHS and Employees Provident Fund & Miscellaneous Provisions Act, 1952 are nut. applicable the Company
8. ACCOUNTING FOR TAXES ON INCOME (AS-22)
The Accounting Standards "Accounting for Taxes on Income" issued by the institute of Chartered
Accountants of India applicable to the concerns where there 5 liming difficult. between Taxable Income and Accounting Income giving rise to deferred tax asset or liability as the case maybe.
9. IMPAIRMENT OF ASSETS AS-28)
The company on an annual baste nukes an assessment of any Indicator that may lead impairment of assets. If such indicator etc, the Company estimate the recoverable amount of the Assets, if such recoverable amount is less inert the carrying amount, then the carrying amount is reduced Co its recoverable amount by treating the difference between; 'hem as impairment loss and is charged the statement of profit and loss.